Over the last several decades, Old City has evolved from a blighted, industrial neighborhood, to an artist enclave, and now to a high-end district filled with luxury homes surrounded by streets lined with boutiques, restaurants, and other shops.
Around 6 years ago, a parking lot and 1-story garage were replaced by 6 large townhouses with parking at 300-310 N 2nd St. in Old City. Just to the north of these townhomes, a 6-story, 21,000 square foot, 24-unit building with a rood deck is now under construction at 312 N. 2nd St. The building is already topped out on the 3,682 square foot parcel that previously held a 1-story building that was most recently a jewelry store. The building is being called The Edison.
It looks like the 24-unit building will be used for short term rentals. Zoning permits were issued to allow visitor accommodations within the building in April of last year. Sonder, a short-term rental company that already has a strong presence in Philadelphia, will be master leasing and managing the building. The zoning permits issued for the building stipulate that the roof deck be closed by 10PM each night. Hopefully, they make an exception for the fireworks on 4th of July and New Year’s Eve.
We think this is a fantastic location for a short-term rental building. The property is surrounded by some of our country’s most important colonial and early American sites. It’s also a short walk to the Market-Frankford Line, a quick stroll to a ton of great restaurants, and close to i95 and 676 for people driving in from out of town. It seems like an ideal place for tourists to stay for a long weekend or more as they explore Philadelphia.
How do you feel about this project?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property